The investment, valued at approximately $8.3 billion (over SAR 31 billion), is part of Saudi Arabia's National Renewable Energy Program (NREP), which aims to increase the share of renewables in the country's energy mix by 2030. The projects will be jointly owned by the three entities and are expected to be operational between the second half of 2027 and first half of 2028, with financial close anticipated by Q3 2025.

The seven plants include:

• Bisha (3,000 MW solar PV, Asir province)

• Humaij (3,000 MW solar PV, Madinah province)

• Khulis (2,000 MW solar PV, Makkah province)

• Afif1 and Afif2 (2,000 MW solar PV each, Riyadh province)

• Starah (2,000 MW wind, Riyadh province)

• Shaqra (1,000 MW wind, Riyadh province)

Marco Arcelli, CEO of ACWA Power, described the agreement as a significant milestone in Saudi Arabia's renewable energy ambitions. Sultan AlNabulsi, Acting CEO at Badeel, emphasized the investment's impact on national energy resilience and economic diversification. Waleed Al Saif, Aramco SVP of New Energies, highlighted the expansion of Aramco's renewable footprint through SAPCO.

This initiative aligns with Saudi Arabia's Vision 2030 and PIF's strategy to develop 70% of the national renewable energy targets.